1. In this chapter, we refer to the case of E.F. Hutton and the way in which branch managers were able to manipulate the system for personal gain. Do you think there is a stronger or weaker response to unethical actions like these today?
2. Calculate the present value of 300 paid at the end of each year for 20 years using an annual effective interest rate of 8%.
3. Smith makes deposits of 1,000 on the last day of each month in an account earning interest at rate i (12) = 0.12. The first deposit is January 31, 2005 and the final deposit is December 31, 2029. The accumulated account is used to make monthly payments of Y starting January 31, 2030 with the final one on December 31, 2054. Find Y.